2012-S American Silver Eagle Reverse Proof : A Collector’s Guide

By Charles Morgan and Hubert Walker for CoinWeek Notes …..
 

The 2012-S American Silver Eagle Reverse Proof was one of two low-mintage Silver Eagle Proofs that the United States Mint offered as part of the 2012 American Silver Eagle San Francisco Proof Set.

The set was announced in the spring and launched on June 7 at an issue price of $149.95 ($208 in 2024 inflation-adjusted dollars). Offered for four weeks with no product limit, sales totaled 224,981. These sets trade for about $170 today in original government packaging.

Bundled with the 2012-S Reverse Proof was the 2012-S American Silver Eagle Proof. The set was issued on the heels of the Mint’s five-coin 2011 25th Anniversary Set and was issued to mark the 75th Anniversary of the third San Francisco Mint. The 2012-S Proof was also available in the Mint’s Making American History Coin and Currency Set, but the 2012-S Reverse Proof was a 2012 American Silver Eagle San Francisco Proof Set exclusive.

What Is a Reverse Proof and How Many Are There in the Silver Eagle Series?

A Reverse Proof is a Proof coin that breaks convention. Normally, a Proof coin is struck so the fields are mirrored and the devices are heavily frosted. On a Reverse Proof, the opposite is true. The visual impact is striking, with the fields having a distinct frosted appearance and the raised elements appearing slick, glassy, and black.

The United States Mint first offered the novel Reverse Proof finish with the 2006-P American Silver Eagle Reverse Proof, which was issued as part of the series’ three-coin 20th-Anniversary Set. The second Reverse Proof was issued in 2011 as part of the five-coin 25th Anniversary Set. The 2012-S was the third entry in the Reverse Proof Series. The Mint would issue additional pieces in 2013 and two in 2019.

How Much Is the 2012-S American Silver Eagle Reverse Proof Worth?

Intact 2012 American Silver Eagle San Francisco Proof Sets continue to be offered for sale online. In raw form, this is the most commonly encountered way that the 2012-S American Silver Eagle Proof and 2012-S American Silver Eagle Reverse Proof are offered for sale. Occasionally, one will find coins from these sets sold individually. When this happens, the Reverse Proof sells for a slight premium over the regular Proof for the simple reason that the coin has a novel finish and a lower mintage.

Most examples sold individually, however, are coins that have been certified by CAC, NGC, and PCGS. Here, NGC and PCGS dominate for the simple reason that they were actively pursuing submissions at the time of the coin’s release. CAC began to certify modern coins only after it launched its full-service grading company in 2023.

CoinWeek estimates that the total certified through January 2014 was approximately 60,700. Over the past decade, that number has risen to 66,250. This amounts to just over 29.4% of the total mintage.

In Proof 69, examples sell for about $80 to $95. Proof 70s carry a modest premium, but can often be found on sites like eBay for prices in the $140 to $150 range. These prices are down 25% over the past 10 years.

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2012-S American Silver Eagle Reverse Proof Market Data and Noteworthy Specimens

Top Population: PCGS PR70 (6,905, 9/2024), NGC PF70 (22,224, 9/2024), and CAC PR70 (58, 9/2024).

• NGC PF70 #2585486-010: eBay, September 4, 2024 – $137.50.
• NGC PF70 #3678635-241: eBay, September 1, 2024 – $165. First Releases insert.
• PCGS PR70 #49858616: eBay, September 1, 2024 – $137.37.
• PCGS PR70 #26384690: eBay, September 1, 2024 – $149.34. John Mercanti-signed First Strike insert.
• NGC PF70 #3686454-065: eBay, August 27, 2024 – $189.95.
• NGC PF70 #4068339-002: eBay, August 25, 2024 – $138.50.

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Design

Obverse:

Early 20th-century artist Adolph A. Weinman’s figure of Lady Liberty is depicted mid-stride. She is seen as a full-body figure, dressed in a flowing gown and draped with a large billowing American flag. She holds laurel and oak branches in her left hand that symbolize the civil and military glories of America, respectively. As Liberty strides confidently towards the rising sun, she presents a welcoming open hand. The upper portion of Liberty is superimposed over the obverse legend LIBERTY, obscuring half of the “BE” and almost the entire “R”. Above Liberty’s outstretched rear foot is the motto IN GOD WE TRUST, and below her is the date 2012.

The design bears a notable resemblance to sculptor Oscar Roty’s The Sower, a common image on French coins.

Reverse:

United States Mint Chief Engraver John Mercanti’s Heraldic Eagle is positioned at the center of the reverse. Clutched in its beak is a ribbon bearing the motto E PLURIBUS UNUM. Above its head is a constellation of 13 stars configured in an upside-down pyramid formation. The legend UNITED STATES OF AMERICA is wrapped clockwise around the top of the design and the fineness and denomination 1 OZ. FINE SILVER. ONE DOLLAR is cradled counterclockwise at the bottom. The S mintmark is below the branch.

Edge:

The edge of the 2012-S American Silver Eagle Reverse Proof coin is reeded.

Coin Specifications

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